The Teachers Retirement System held a board of trustees meeting on Wednesday and reported increased return on investments, implemented a new rule adding a new board members, and continued their search for a new executive director.
The systems board of trustees was told that investments returned 22 percent in fiscal year 2014, pushing its value above $14.0 billion for the first time. Gregory W. Group, the system’s investment consultant, reported the system achieved a 22.4 percent investment return. The consultant also reported the system finished FY2014 with it highest month-end and year-end portfolio balance even, more than $14.18 billion on June 30.
On Wednesday, TRS trustees also approved an emergency rule Wednesday that implements a new law adding a nonvoting member representing a statewide retired educators organization. The action comes after a series of moves to add the nonvoting members required by law. The board adopted a rule in May, followed by an Attorney General’s opinion and finally the passage of a bill requiring adding the nonvoting member. HB2740, by Rep. Curtis McDaniel, D-Smithville, and Sen. Jerry Ellis, D-Valliant, adds a nonvoting member to the Oklahoma Teachers Retirement Board of Trustees who is a member of a statewide organization representing retired educators.
Assistant Attorney General Julie Ezell, who serves as general counsel for the board, said the rule requires organizations wishing to have representation on the board to fill out an application and be certified by the board. The organization would then choose its representative on the board.
In the search for a new executive director, Trustee Gary Trennepohl, who chairs the board's search committee, reported Wednesday the committee had examined just over 40 applications provided by Hudepohl and Associates, its Dublin, Ohio-based executive search firm. The firm made approximately 600 contacts to come up with the vitas reviewed by the executive committee. "I think we all came away impressed with what they had done," said Trennepohl.
Final candidates will appear before the search committee in late August, which will pick two or three candidates to be interviewed by the entire TRS Board of Trustees at its regular meeting that month.